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Tamerlane Ventures Inc. ("Tamerlane" or the "Company") (TSX-V: TAM) announces a net loss of $1,067,582 or $0.02 per share for the nine months ending September 30, 2010, compared to a net loss of $1,205,459 or $0.02 per share in the same period of the prior year. During the third quarter ending September 30, 2010, the Company had a net loss of $319,663 or $0.01 per share compared to a net loss of $391,303 or $0.01 per share in the same period of the prior year.
At September 30, 2010 the Company had working capital of $54,501 compared to $1,306,399 at December 31, 2009, a decrease of $1,251,898. The decrease resulted primarily from general and administrative expenditures and exploration and development expenditures on the Pine Point Project.
On November 9, 2010 the Company announced that it has executed a term sheet for a US$5,000,000 bridge facility and a US$5,000,000 standby facility. The bridge facility will provide the necessary working capital to advance the Pine Point Project through the production financing stage. The bridge and standby financing is expected to close in early December.
The Company’s nine months financial statements and management’s discussion and analysis ending September 30, 2010 have been filed on www.sedar.com, and are also available on the Company’s website at www.tamerlaneventures.com.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company is working towards bringing the world-class Pb/Zn Pine Point Property back into production in the Northwest Territories, Canada, and developing its Los Pinos heap leach copper project in Peru. The Company’s primary focus is the Pine Point Project, which consists of the Pine Point Mine, which was the largest and most profitable base metal mine in Canadian history. Tamerlane controls the Pine Point Project, along with a large contiguous property to the west.
On behalf of Tamerlane Ventures Inc.
“Michael A. Willett”
Chief Executive Officer
For further investor information, please contact:
Tina Rosenberg, Investor Relations, Tamerlane Ventures Inc.
Phone: (360) 752-9462
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate” and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.